Wasatch Micro Cap Value Fund

The primary objective of this fund is to achieve significant long-term growth for investors' capital. It concentrates its investments primarily in companies with small market capitalizations, often referred to as 'micro-cap' firms. Specifically, the fund commits at least 80% of its net assets (including any capital obtained through borrowing for investment purposes) to the equity securities of micro-capitalization companies. The investment adviser defines a micro-capitalization company as one whose market value, at the point of purchase, is less than the greater of $1.5 billion or the market capitalization of the largest constituent in the Russell Microcap® Index. Furthermore, the fund has the flexibility to allocate up to 30% of its total assets, at the time of acquisition, to foreign-issued securities from companies operating in developed, emerging, or frontier markets.